Renault's CEO, Luca de Meo, recently showcased the company's first electric vehicle at the Geneva Motor Show in an attempt to gain parity with international competitors. The all-new Renault 5 E-Tech bears a resemblance to the original Renault 5, popular during the 1970s and 80s. Yet, beneath its nostalgic exterior, the vehicle boasts a contemporary design powered by a 52.0-kWh battery that offers an estimated 249-mile range when fully charged.
The Renault 5 E-Tech also features a DC fast-charging capability of up to 100 kW and an 11-kW AC unit. This will help cut costs by facilitating bidirectional AC charging, allowing excess electricity to be returned to the grid. Currently, the Renault 5 E-Tech is priced at 25,000 euros (approximately $27,100), undercutting competitors such as Tesla and BYD.
De Meo admitted that the affordable price may result in a slim profit margin. However, he optimistically added, "The battery is 40 percent of the cost. If you cut it by half… I think you can do it." He proclaimed the new Renault 5 E-Tech as a pivotal player in the refurbishment of the European automotive industry, which currently lags behind in the electric vehicle race.
Furthermore, De Meo expressed a willingness to collaborate with Chinese companies for automotive parts supplies. He cited the increasing trend of Chinese battery manufacturers building gigafactories in Europe as a prime opportunity for beneficial partnership, stating, "you compete on one side, you co-operate on the other."
